New record sales set in Toronto in 2014

According to the Toronto Real Estate Board, there were 92,867 residential sales recorded through the MLS system in 2014, including 4,446 in December. This represents a 6.7 percent increase over the 2013 sales figure of 87,049 and was just short of the record set in 2007.

The average selling price continued to grow on a year-over-year basis in calendar year 2014, with an 8.4 percent increase over calendar year 2013 to $566,726.

Once again, the $500,000-$599,999 price range saw the most sales of detached homes with 342 sales, though the $300,000-$399,999 range saw the most sales overall with 918 properties sold in December.